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Projected Annual Economic Impact of Long Covid
Estimated annual impact on OECD member nations' GDP and labor market productivity.
Primary Sources
Long Covid Could Cost OECD Economies €115bn Annually
The Economic Toll of Long COVID: Analyzing the Burden on OECD Nations Long COVID, a post-acute infection syndrome where symptoms persist long after the initial COVID-19 illness, has evolved from a clinical challenge into a significant economic crisis. For healthcare professionals and health systems, the condition is complex and debilitating; for global economies, it represents a staggering financial drain. Recent data indicates that the long-term effects of the pandemic continue to cast a shadow over developed nations, impacting labor markets and national budgets. Key Takeaways: Long COVID is estimated to cost 38 OECD member countries between $864 billion and $1.04 trillion annually. The financial strain is primarily driven by lost productivity and increased costs for health and social welfare services. Labor force participation has declined as affected individuals are forced to quit their jobs. The UK economy specifically saw billions in lost productivity and informal care costs between 2022 and 2023. The Macroeconomic Impact on OECD Countries The scale of the economic burden is immense. Estimates suggest that Long COVID could cost OECD countries up to $135 billion a year in certain projections, while broader estimates for 38 member nations range from $864 billion to $1.04 trillion annually. This financial toll is expected to persist for at least a decade. These figures are driven by two primary factors: a decline in the overall quality of life for affected individuals and a significant reduction in labor force participation. It’s important to note that these estimates often exclude the additional direct burdens placed on health services to manage the long-term symptoms of the condition. Labor Market Disruptions and Productivity Loss The intersection of public health and economics is most evident in the labor market. The financial strain is closely linked to workers who are unable to maintain their employment or experience a sharp decline in productivity due to their illness. Case Study: The United Kingdom The UK provides a clear example of how these productivity losses manifest. Between 2022 and 2023, Long COVID cost the UK economy approximately $7.11 billion (5.7 billion pounds) in lost productivity. Beyond professional losses, the social cost is high; the value of informal care provided by loved ones during this same period was estimated at 4.8 billion pounds. The prevalence of the condition remains high. Data from the Office for National Statistic...
Long Covid to cost OECD economies up to €115bn a year
The impact of long-term illness suffered by people after Covid-19 infection is estimated to cost OECD countries a total of up to $135 billion (€115 billion) a year and will dog their economies for at least a decade, according to new research.The projected hit to GDP from lower productivity, increased absences or employees quitting work altogether will dwarf extra health spending burdens stemming from the sickness, says the OECD study published on Wednesday.The paper is a rare attempt to quantify the economic effects from so-called long Covid, which has a debilitating effect on sufferers but remains poorly understood scientifically and is patchily monitored for data collection.“This work is important because it provides for the first time a comprehensive estimate of the economic burden of long Covid across EU and OECD countries,” said Guillaume Dedet, the publication’s co-ordinator and a senior health economist at the Paris-based organisation.“It shows that the costs of Covid-19 did not end with the acute phase of the pandemic: the virus continues, and will continue, to weigh on societies and economies for years to come.”The report forecasts losses of between 0.1 and 0.2 per cent of GDP, amounting to a total loss of $135 billion annually across all OECD countries, in scenarios where “low or moderate” residual coronavirus transmission led to ongoing new cases.The economic fallout of long Covid is “substantial and mainly stems from the indirect costs from reduced productivity and participation in the workforce”, the report said. Its predictions are probably an underestimate of the true burden, it added.The OECD argues the repercussions are more serious because they add to existing problems, including sluggish growth and productivity in ageing workforces.Economists have previously struggled to quantify the impact of long Covid on employment and economic growth because few countries continued tracking people who were affected by the condition after the pandemic’s peak.The OECD drew on new survey evidence from the US, showing a lasting increase in health-related absence and exit from the labour market, as well as academic studies from the UK, Australia and elsewhere.It said all available data from high-income countries gave a consistent message: “persistent post-infection symptoms are not only a health challenge but also a structural brake on economic output.”The OECD’s 38 member states include leading economies in Europe, including Ireland, the Americas and eas...
Long covid's £8bn bill: OECD report warns pandemic continues to ...
3 hours ago ... They predict that a consequent 0.1-0.2% decline in gross domestic product from long covid could cost OECD economies $135bn a year for a decade, about the same ...
Long COVID continues to affect millions of people across #OECD ...
5 hours ago ... ... COVID continues to affect millions of people across #OECD and EU countries. It could cost health systems across OECD countries up to USD 11 billion a year ...
